- Chainlink (LINK) may rise toward $16 if it successfully breaks through major resistance levels soon.
- The market shows indecision, with critical support at $12.50 and resistance ranging between $13.50 and $16.
- Intraday trading remains volatile and sluggish, emphasizing that staying above $13.50 is crucial for upward movement.
Chainlink (LINK) shows signs of having potential for growth following several weeks of market consolidation. Analysts explain that breaking beyond major market levels of resistance can set off bullish market momentum. Market followers closely watch market trends to determine market trading opportunities.
At the time of writing, Chainlink (LINK) is trading at $13.15, with a 24-hour trading volume of $648.33 million and a market capitalization of $9.16 billion. Over the past 24 hours, LINK has seen a slight dip of 1.07%, reflecting a period of indecision in the market.
Chainlink Could Breakout in December
Well-known crypto analyst Paolo Crypto believes that Chainlink’s breakout month could just be December because Chainlink has been taking four years to consolidate.
Chainlink Faces Key Resistance Levels
Meanwhile, analyst CRYPTOWZRD pointed out that there was an indecisive close in LINK recently, which indicated weakness. According to CRYPTOWZRD, if mature daily candles don’t appear soon for an increase on the LINKBTC market, there will not be any bullish movement beyond $13.50; otherwise, there could be a sideways trend.
Both daily charts of LINK and LINKBTC were lower today. Yet, it looks like LINKBTC is testing the lower high trendline. It would seem that if it can break this level, it could make it more conducive to a positive outlook, or at least increase the value of LINK at least into these areas. The analyst pointed to $16.00 as the level of significance for resistance and $12.50 for support.
Also Read | Chainlink Bulls Alert: LINK Price Could Skyrocket to $50 Soon!
Chainlink Faces Volatile Market Action
Today’s intraday chart brought volatile and sluggish market action. The market’s ability to stay above $13.50 would mean positive action towards gains, but failure to stay at or above this level could mean weakness, with $11.80 set to act as support.
Analysts await market guidance before moving into the trade, stressing prudence and reason at this point, especially over the weekend.
Investors and crypto fans are closely observing the action of LINK as it reaches critical levels, with many believers awaiting an important breakout to establish market momentum for the rest of the month.
Also Read | Chainlink (LINK) Surge Forecast: 11% Rise Soon
